Are You Protected Against the Financial Impact of Ransomware?

Ransomware attacks are intensifying in both frequency and severity. Cyber criminals view ransomware as a lucrative business and are increasingly shifting their attack focus from privacy breach to ransomware, which offers the potential for large ransom payments.

The COVID-19 environment creates conditions for more, and more successful, ransomware attacks: phishing emails that leverage pandemic-related topics, and less secure remote cybersecurity environments.

The financial and operational severity of ransomware are also increasing: the size of ransom demands are growing, operational downtime is longer, and remediation is becoming more complex.

 

Cyber Insurance Can Help You Transfer the Risk

Cyber insurance policies often provide coverage for ransom payments, as well as a wealth of resources and services to help you respond, recover and recoup losses from ransomware.

Preparation and Response Support

Cyber insurance typically provides access to vital resources and experts to help you effectively manage ransomware events:

  • Incident response planning.
  • Employee training and education.
  • Cybersecurity best practices.
  • Ransom payment support.
  • Legal counsel.
  • Forensic experts.
  • Public relations support.
  • Breach notification services.

Balance Sheet Protection

Cyber policies generally offer myriad first- and third-party coverages for expenses and losses related to ransomware attacks, including:

  • Cryptocurrency ransom payments.
  • Lost revenue.
  • Extra expenses needed to continue operations.
  • Regulatory fines/penalties.
  • Legal, forensic investigation, and PR costs.
  • Restoration or recreation of data and other intangible assets corrupted or destroyed.
  • Repairing or rebuilding of network or hardware.
  • Reputational harm.

Talk to Marsh for Protection against Ransomware

Marsh’s cyber risk professionals can design a cyber policy tailored to the unique cyber risk profile of your business, with broad coverage for cyber and technology risks including ransomware.